Ahmedabad: Amid global uncertainty and weakness in the dollar and rupee, precious metals rallied. In the local market today, gold and silver prices jumped, with both metals hitting record levels in Ahmedabad.
In Ahmedabad, gold touched a fresh peak today. The gold rate rose by Rs 800 to Rs 1,04,600 per 10 grams, compared with Rs 1,03,800 per 10 grams on Saturday. Silver also climbed by Rs 1,000 to an all-time high of Rs 1,18,000 per kg. On MCX, both gold and silver traded higher.
In global markets, as the dollar weakened and inflation worries grew, buying intensified. Spot gold rose 0.1% to $3,399.60 per ounce, hitting an intraday two-week high of $3,401.73 per ounce. The dollar index slipped 0.1%.
Key drivers behind the surge in prices:
- Tariff restrictions on various countries by U.S. President Trump, raising fears of higher inflation
- Expectations of an interest rate cut at the Federal Reserve’s upcoming meeting
- Global geopolitical and economic uncertainty
Silver has outperformed gold in August. According to Ahmedabad Choksi Mahajan data, so far in August gold has risen by Rs 3,200 per 10 grams, while silver has become costlier by Rs 6,000 per kg. Given current factors, commodity experts say gold and silver could see further gains in the days ahead.
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